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, preferences over contracts typically display indifferences. The Qualitative Vickrey Auction (QVA) selects the best contract for …
Persistent link: https://www.econbiz.de/10010785192
Persistent link: https://www.econbiz.de/10012807561
We prove the existence of a trembling-hand perfect equilibrium within a class of compact, metric, and possibly discontinuous games. Our conditions for existence are easily verified in a variety of economic games.
Persistent link: https://www.econbiz.de/10009203556
Two independent, but related, choice prediction competitions are organized that focus on behavior in simple two-person extensive form games (http://sites.google.com/site/extformpredcomp/): one focuses on predicting the choices of the first mover and the other on predicting the choices of the...
Persistent link: https://www.econbiz.de/10009203557
Consider a contest for a prize in which each player knows his/her own ability, but may or may not know those of his/her rivals (the complete or incomplete information regimes). Our main result is that, if the value of the prize is high, more effort and output are engendered under incomplete...
Persistent link: https://www.econbiz.de/10010678824
This paper presents a case of parsimony and generalization in model comparisons. We submitted two versions of the same cognitive model to the Market Entry Competition (MEC), which involved four-person and two-alternative (enter or stay out) games. Our model was designed according to the...
Persistent link: https://www.econbiz.de/10009025195
This paper describes the “Bounded Memory, Inertia, Sampling and Weighting” (BI-SAW) model, which won the http://sites.google.com/site/gpredcomp/Market Entry Prediction Competition in 2010. The BI-SAW model refines the I-SAW Model (Erev et al. [1]) by adding the assumption of limited memory...
Persistent link: https://www.econbiz.de/10009025196
We characterize the structure of Nash equilibria for a certain class of asset market games. In equilibrium, different assets have different returns, and (risk neutral) investors with different wealth hold portfolios with different structures. In equilibrium, an asset’s return is inversely...
Persistent link: https://www.econbiz.de/10009025197
We submitted three models to the competition which were based on the I-SAW model. The models introduced four new assumptions. In the first model an adjustment process was introduced through which the tendency for exploration was higher at the beginning and decreased over time in the exploration...
Persistent link: https://www.econbiz.de/10009025198
We consider a market for lemons in which the seller is a monopolistic price setter and the buyer receives a private noisy signal of the product’s quality. We model this as a game and analyze perfect Bayesian equilibrium prices, trading probabilities and gains of trade. In particular, we vary...
Persistent link: https://www.econbiz.de/10009025199